Uplevel Renewal and Expansion Strategies with New Revenue Optimization Capabilities Image

Uplevel Renewal and Expansion Strategies with New Revenue Optimization Capabilities

This post was co-authored by Martta Eicher Rabago.

Janet Jackson once asked, “What have you done for me lately?” Well, from Gainsight’s customer-centric perspective—a lot! We all know how essential it has become to protect and expand your customer base during the current economic downtown, as new logo sales become more challenging. In fact, in a recent survey Gainsight conducted, business leaders shared that two of the top areas they’re focused on improving during this time are risk management and retention forecasting. That’s why we’ve been hyper-focused on building out the capabilities that our Revenue Optimization products have to offer. 

Get The Granularity You Need To Boost Retention 

To improve your renewal forecasting and identify those accounts that are at-risk sooner, you need a centralized command center for your renewal and expansion book of business, which is precisely what Renewal Center provides. By overlaying rich CS insights on top of your sales data, it gives your teams a detailed and robust analysis of what’s happening with your renewal opportunities.

One of Gainsight’s biggest differentiators is our platform’s ability to model your customers how your team views them for even greater visibility into your customer accounts. For example, by-products, business units, geographies, services projects, and more. This allows you to extend the account hierarchy and manage the customer by specific relationships within their accounts. It empowers you to track health easily, create a unique 360 view, and leverage other Gainsight functionality at both the account and relationship level.

You can now incorporate relationship-level data into Renewal Center for a more accurate and detailed view of your renewals. Combining that relationship data into your opportunity data ensures that the customer’s renewal likelihood score will be based on that specific relationship. Associating a relationship to a renewal opportunity ensures that the renewal likelihood score is based on the most relevant customer data and gives your team the right insights from Gainsight CS, such as health score and recent engagements.  How is that for customer-centric products?

Renewal Center now can surface renewals that, based on past opportunities, might be a little late in coming to the table to enable your team to more accurately forecast and also focus on getting these closed on time. And, if customers do churn, Renewal Center now allows you to analyze why customers are churning and the financial impact tied to every churn reason so that your team can strategize on mitigating churn risk more effectively in the future. 

Receive Updates on Important Customer News Directly in Gainsight  

Understanding what’s happening with your customers’ business is a critical component of managing risk. Company Intelligence is a brilliant tool that provides your teams with real-time alerts about your customer’s most important news. This information enables anyone invested in the customer to raise the flag by identifying potential risks (or even expansion opportunities), so your team can quickly take the right actions to mitigate. 

Your team can now receive these essential alerts about your customer accounts directly in Gainsight, within a customer’s 360, and via Slack. No matter what tools your team is using, it’s easy for everyone to stay on top of what’s happening with key customer accounts. 

We’ll continue to expand the list of channels in which you can receive these critical alerts to include email, mobile, and more. Stay tuned in the coming months for more updates!  

More Easily Monitor and Manage Stakeholder Relationships 

To effectively retain customers and expand them over time, you need to not only improve renewal management and know what’s happening with your customers, but you also need visibility around your key stakeholders. That’s why Gainsight RO includes our People Maps and Sponsor Tracking features—to enable more effective stakeholder management. 

Many businesses are challenged to identify all of the players at a customer’s company and understand their relationships with each other. People Maps provides not only the organizational structure within an account but also shows which contacts influence your key decision-makers. 

Since launching People Maps, our team has focused on streamlining the map-building experience, adding new drag-and-drop capabilities. This allows your team to easily create, change, and add contacts to any map. Then, designate whether they’re a manager, direct report, or influencer. 

Additionally, teams can now build multiple People Maps for an account for greater flexibility in mapping out complex organizational structures. Imagine different Gainsight users getting the right view of the relevant contacts within their accounts—and all of the time and effort saved on tracking down the right contacts and their details! Are they approaching a renewal or expansion conversation? No problem. Delve into People Maps to get the full picture of who the stakeholders are and where the driver of influence.

The enhanced matching capabilities introduced recently make it even easier to track your champions within an account when it comes to Sponsor Tracking. Receive alerts faster when something changes with a champion’s company, title, or location—indicators of a potential risk (due to loss of champion) or expansion opportunities (when a champion moves to a prospect company) so that your team can take the right actions, sooner. This is especially important in these tumultuous times when companies and their operations are evolving every week.  

Gainsight Revenue Optimization offers the advanced solutions your team needs to retain and grow your client base more effectively. Surface the most relevant insights around renewals to improve retention. Enable teams to act faster on signs of risk or opportunity. Ensure proper visibility around contacts and stakeholders within your accounts. And that’s just the beginning! Gainsight is continuing to invest in our RO product suite to bring a better experience and additional capabilities for our customers. 

We know that for our customers to be successful, they need to protect their customer base and that this is more important than ever. 

Contact Gainsight to learn more about customer-centric products and recent enhancements to help your business retain and grow your customer base.